Loan scenario: OH, $75,000, 780, 60% LTV, Refinance, full, NOO
Property type: TTF
Loan purpose: Refinance
Got a friend that purchased a 2 family investment on credit cards last year in a suburb of Cleveland OH. He wants to do a cashout refi and payoff the cards. 60 ltv based on current rehabbed value, 780 score, $150k reserves in Ira's, but 55% dti.
Anyone do this?
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by FAST AND RELIABLE August 18, 2012 5:46 PM
You find ‘em Vinnie! Obvious first thought is why someone would opted for high credit card interest rate to finance real estate. Second thought is how you get around “unconscionable acts” in the ORC. Don’t think the relief valve of lower payment of existing “loan” is going to work since “debt” is not against the property.
Good luck but I do see a potential 1345 issue. Could come back to haunt you as the broker. You could always argue that if Fannie accepts a 55% housing debt ratio on mods ipso facto a 51% TDR is within the borrowers’ ability. Apples and oranges though.
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